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Common Ways to Cut Costs as a New Business Owner

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Now that you have a new business, you’re probably amazed at the expenses you have. Don’t get discouraged, as there are several ways that you can cut costs as a new business owner. Read on for more insight on how you can have a healthy commercial budget.

Go Completely Digital

Technology is no longer inaccessible to the small business owner. Gone are the days when you needed large hard drives and floppy disks to store vital information. According to Forbes, going digital, such as using a cloud repository, can support a 100% paperless process. As of 2020, at least 1/3 of all data passes through the cloud, so you don’t need to keep bulky computers and a large tech team in-house. A few laptops and a VPN can work wonders for your business finances.

Refresh Office Furniture

While it may be tempting to invest in brand-new office furniture, you can save by refreshing the existing furniture that you own. You can use wood pens to fill in old scratches and adhesive remover, which comes in a 4oz bottle, to remove tough residues. A coat of paint can also refresh your furniture.

Outsource Services

It’s okay not to do everything yourself. Plus, everyone on your roster doesn’t need to work in-house. Even with experienced staff on deck, some services may be easier to hire out to outside contractors. As mentioned earlier, thanks to technology and cloud storage, you no longer have to keep a full IT team on staff. You can have an IT contractor available by emergency calls or e-mail whenever there’s a problem. Instead of keeping a large janitorial service, you can have a commercial maid service come as often as needed to sanitize the office.

Track Expenditure

Your business expenses can quickly get out of hand if you don’t keep track of them. Whether you’re buying office supplies, company lunches, or paying for conferences, you should keep everything penny documented. Go over your business expenditure every week or every month to see where you can cut things out or switch vendors. For example, if office supplies are becoming more expensive, you may want to look around for another vendor. You may also reconsider the conferences you go to if your company isn’t getting useful information or connections from them.

Go Green

Going green isn’t only a good savings option for your business finances, it’s also good for the environment. Make it an office policy to only use recycled paper or go paperless as much as possible. Instead of having water delivery in the break room, you can replace it with filtered faucets. You can even buy a small machine that carbonates water. Instead of paying for expensive parking spaces in the city, there are alternatives. You may encourage employees to take advantage of a shared biking program such as City Bikes, or the company can purchase transit passes.

Keeping track of finances is essential for commercial growth. While you can’t run a business without spending money, you can cut costs and come in under budget if you’re careful. Utilize this guide to your advantage as you start and grow your business. Over time, cutting costs will become second nature. Contact us today for more information about managing company expenses.

Common Mistakes Your Small Business Might Be Making

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Running a small business is challenging, and even the most experienced entrepreneurs make mistakes along the way. These missteps can have serious consequences for the growth and success of your business. Here are some common mistakes that small businesses often make and provide insights on how to avoid them.

Have a Business Succession Plan in Place

Many small businesses fail to have a business succession plan in place. According to a 2020 study by the Association for Talent Development, only 35% of companies had such a plan. A business succession plan outlines the process for transitioning ownership and leadership of the company in the event of retirement, disability, or unexpected circumstances.

Without one, the business may face significant challenges if the owner or key personnel suddenly depart. To avoid this mistake, small business owners should consider working with a lawyer or a business consultant to develop a comprehensive succession plan that ensures a smooth transition and continuity of operations.

Perform Proper Maintenance on All Equipment

Another mistake that small businesses often overlook is neglecting proper maintenance, especially on HVAC machines. According to Energy Saver, cleaning the area around the AC coil by removing any debris allows for sufficient airflow around the condenser. Failure to maintain the HVAC system can result in reduced efficiency, increased energy costs, and even system breakdowns, which can disrupt business operations.

Schedule Regular Inspections and Cleanings

Scheduling professional inspections and cleanings are a crucial part of office maintenance. By investing in these things, businesses can prevent potential problems and ensure a comfortable environment for employees and customers.

Protect Your Property Against Termite Damage

According to OneDesk, termites cause around $5 billion in property damage every year. Failure to address termite infestations can lead to structural damage, costly repairs, and potential safety hazards. You should be proactive in protecting your property by implementing preventive measures, such as regular inspections by pest control professionals and addressing any signs of termite activity promptly. By taking these precautions, you can avoid termite damage draining your finances.

Develop a Clear Marketing Strategy

A common pitfall many companies make is not having a clear marketing strategy. In today’s competitive market, it’s crucial to have a well-defined plan to reach and engage with target customers. Invest time in market research to identify their target customers and develop a tailored marketing strategy. This will help you maximize your marketing efforts and achieve better results within your budget.

Implement Proper Financial Management Tactics

Many small business owners lack a clear understanding of their finances, including cash flow, profit margins, and expenses. This can lead to poor decision-making, such as overspending, underpricing products or services, or failing to plan for future growth. To avoid this mistake, small business owners should invest in financial literacy by seeking guidance from financial professionals, attending workshops or webinars, or utilizing accounting software. By gaining a better understanding of their finances, small businesses can make informed decisions that contribute to their long-term success.

Never Overlook Customer Feedback

Customer feedback provides valuable insights into the strengths and weaknesses of your products or services, helping you make necessary improvements and enhance customer satisfaction. You should establish effective feedback mechanisms such as surveys, online reviews, or direct communication channels to encourage customers to share their experiences. By leveraging customer feedback, you can make educated business decisions and develop a more intimate relationship with your customer base.

Running a small business comes with its own set of challenges, but avoiding common mistakes can greatly increase your chances of success. By addressing key areas of your organization, you can mitigate risks, improve operations and finances, and ultimately thrive in a competitive market.

12 Easy Ways to Cut Costs as a Business

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As the old saying goes, every business needs marketing and innovation to stay successful. But then a bit of cost-cutting does not go a miss either! 

Not only does taking steps to reduce your expenditure streamline your operation, but it enhances your profitability as well. 

As we approach the end of the year, it is always a good opportunity to take a moment to evaluate how your business is performing and identify ways it could be improved. 

In today’s unsettled economy, it is more important than ever to keep an eye on your company spending, as even the smallest increase in returns can have a positive impact on your bottom line. 

With that in mind, to kick start your retrenchment activities, here are 12 easy ways to cut costs as a business. 

 

 

How to Cut Costs in Business 

 

The 12 cost-cutting measures below could be adopted by any type of business – small, medium, or large – to save money immediately. 

For some of these methods, you will see the benefits of these reductions straight away, while others might take a bit longer for the benefits to manifest. 

However, as all of these will positively impact your bottom line, they are well worth implementing as soon as you can. 

 

1. Reduce employee hours 

On the face of it, you might think reducing employee hours might also lower productivity. However, some studies suggest this not to be the case at all. 

Indeed, several companies are now allowing their employees to work either four-day weeks or nine-day fortnights, to keep them fresh and engaged in their work. 

Productivity levels aside, the one thing most business leaders can agree on is that the less time an employee spends in the office, the less money an owner will need to fork out, for costs relating to things like electricity, kitchen supplies and heating. 

When this is scaled across several employees, for every working day of the year, it can soon add up to quite a saving. 

2. Payment costs

All businesses that accept payments via any method other than cash should regularly keep track of the costs they absorb when receiving payments. 

It is particularly true if you are using Eftpos or any other payment gateway, and you should consider payment fees and surcharging when doing so. 

Again, like with insurance, the simple act of switching providers can save you quite a lot of money year on in. 

3. Encourage more WFH 

In the same way as reducing employee hours can lower office-based costs, so can encouraging your staff to work from home, one or two days a week. 

If you can work it, so that at any given time only 75% of your workforce is currently in the office, this not only saves money on the previously mentioned electricity, kitchen supplies and heating. But also provides an opportunity to save money by….. 

4. Downsizing your office space 

If you only have 75% of your workforce in the office at any one time, then it follows that you only really need 75% of your office space from which to operate. 

By downsizing your office space to another location, you could save a significant amount of money on rent, as well as other costs like electricity, heating, and insurance. 

You will also not need to purchase as much in the way of equipment on computers, furniture, and other fixtures. Which will save you money, in the long run, on purchasing or replacing these items as well. 

5. Use more freelancers

Instead of hiring more full-time staff to save money on wages, you could always take on more freelancers. 

With freelancers, you will not need to pay them superannuation, parental leave, or sick leave. Instead, you can pay them a flat rate for the project you give them. 

Platforms like Upwork or Croudie Network can connect you with high-quality freelancers that are skilled copywriters, developers, graphic designers, and admin professionals.

Overall, they provide an invaluable cost-cutting resource most companies do not exploit. 

6. Become fully online

If you are serious about saving money for your business, the first thing you should consider, if you are a brick-and-mortar operation, is whether it is viable for you to operate solely as a fully-fledged online business. 

If you can do this, you could save a small fortune in rent, electricity, insurance, employee wages and a host of other operational costs. 

Whilst you might be reluctant to give up your street presence, if you look at the profitability of your physical store, it might make good financial sense to do so. Especially as some of the money you save on these areas can be put into further establishing your online presence. Another thing why online businesses are growing is because most people are using smartphones and mobile eCommerce statistics show that mobile purchases are almost half the percentage of all eCommerce sales, so better think of strategies to build your online presence and build customer interaction for more sales.

7. Insurance  

Insurance is vitally important for business, as it can protect you from unexpected expenses which arise from legal claims, workplace injury or damage to your property. 

However, insurance tends to be something you ‘set and forget’ and then pay via direct debit on the same date every month when it is due. 

It is always a clever idea to source quotes from several insurance companies regularly. To ascertain if they can provide you with a cheaper offer than what you are getting from your existing provider. 

This simple act can save you hundreds, if not thousands of dollars. So be sure to make a point of doing it at least every 12 months. 

8. Postage costs for orders

If you run an online business, then the chances are you will be shipping lots of orders out to customers. 

It could be local, state-wide, nationwide, or even internationally. All of which could result in you incurring very high postage costs. 

Switching to a new shipping provider thus could provide you with plenty of cost savings over a year. Be sure to gather several quotes to determine if this is a good move for you. 

9. Re-evaluate your marketing efforts.

Businesses tend to spend a lot of money on marketing activities, in particular marketing activities that are non-profitable. So, it follows there will be plenty of opportunities to cut costs. 

Paid advertising might be an integral part of your promotional mix right now. But if it is ineffective, it is essentially a waste of money. 

It is a worthwhile exercise to take the time to understand how effective your advertising strategy is, eliminating campaigns or activity that is not providing your business with a good ROI. 

For instance, instead of focusing resources on promoting a product on your website that has not sold in months, use that money to build an email list of customers. You can then send them targeted emails with discount incentives that might facilitate sales. 

Similarly, instead of spending money advertising in magazines or directories, make a concerted effort to grow your social media following and create online shops on Facebook and Instagram for them to visit. 

10. Go Virtual

Technology has come a long way in the last decade, just as business thinking has also advanced too. 

Today, the adoption of virtual technology has become a valuable way of reducing overall business costs. 

Tools like Zoom, Google Meet and Microsoft Teams have led to a significant reduction in travel budgets, as more companies are facilitating introductory meetings with each other online, as opposed to face-to-face. Thanks partly to how the COVID-19 pandemic proved businesses can still be effective by conducting remote activities.

Similarly, the likes of Microsoft Sharepoint and Google Drive have centralised the process of storing company documents on the cloud, which has significantly reduced the cost of funding office staples like printer paper, ink and even photocopiers or fax machines. 

11. Rent out some of your office space

Another innovative way to save on business costs is to rent your office space. 

Depending on its layout you could offer a hotdesking facility, where you can charge people a small amount to use a spare desk on your premises, as well as your WI-FI and photocopier or fax machine. 

Alternatively. should your space be big enough, you could even allow a business to set up a retail space within it, for example, an art studio or a small coffee or flower shop. 

By renting out your space to another company, you can offset the cost of funding what would otherwise be an empty and unprofitable space. 

12. Hire an expert in cost-cutting 

Lastly, if you have implemented some of these strategies and still want to find more ways of cutting costs, you can always hire an expert. 

A certified public accountant can run a complete audit of your business, analysing every single cost with a fine-tooth comb to help you determine strategies to reduce your expenditure. 

It might cost you a bit to employ their services, but they will be very comprehensive in the work they do for you. They could also potentially save you thousands of dollars. Not just in terms of the money you outlay but also in tax deductions.

 

Important Things to Consider When Making A Budget For Your Small Business

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When you’re starting a small business, one of the most important things you need to do is create a budget. This document will outline your expenses and your income, and it will help you stay on track as your business grows. There are many factors to consider when creating a budget for your small business, and this article will discuss some of the most important ones. [Read more…]

Understanding the Manufacturing Market Before Starting a Small Business

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A major part of succeeding in your business when you start is to make sure that your finances are in check. You also need to research thoroughly so that you know well what to expect in the industry you choose and there are no surprises that you cannot deal with. If you want to start a small business in manufacturing, read on to see what you need to understand about the market before you get started.

Prioritize Supply Chain Management

In the first half of 2020, the volume of trading across the seas dropped by 9.5%. At the same time, total global trade dropped by 16% in comparison to the same period the previous year. What does this mean exactly? In manufacturing, it’s important for you to prioritize your supply chain management and make sure that there are no kinks throughout the process. This means getting efficient suppliers and also having a backup in place. Find an alternative supplier on whom you can rely in a pinch if things get out of hand. You should also have some additional inventory in storage in case of an emergency, but make sure not to have too much of it or keep it around for too long lest you end up with large amounts of dead stock.

Have a Solid Backup for Capital in Place

As mentioned, it’s important to secure your finances and have a backup plan in place with this in mind. Start a savings plan and fund it religiously so that in case of an unexpected event, you don’t have to close shop. Also, line up financiers who can work hand in hand with you to ensure that you get the right backing you need so there’s a lower chance of missing out on an opportunity as a result of spotty funding.

Train Your Staff Well

If you have a team of staff, invest in them by making sure that they’re adequately trained. Start with a solid foundation by hiring the best on the market in the first place. This way, you may have a shorter route to take to arrive at the endpoint that you want to get to. In the United States alone, there are almost 12.5 million manufacturing workers. This accounts for 8.5% of the workforce and makes it easy enough to get a diligent team if you put in the work. Offer good perks and put the best practices to work for your manufacturing business so that it’s easy to attract and retain the best.

Put Good Communication in Place

Good communication will help at all levels of your manufacturing business. From ensuring that your own team works efficiently to be able to deal with suppliers and customers effectively, good communication can make a big difference to your business. Make it easy to pass information from one point to the other by ensuring that there are systems in place for all of this and you will have an easier time enforcing proper communication and growing your business. Remember that in manufacturing, the average cost of downtime is $260,000 per hour, so let this fact motivate you to do your best to minimize the risk of downtime as a result of poor communication.

Don’t Forget About Marketing

Marketing is another essential part of a business that will grow and thrive. For this reason, think about it and enlist the help of an expert if necessary to do so. This could make a big difference to the way and rate at which your manufacturing business grows. Find the best way to market your business, and you could increase your chances of growing organically.

When you keep the pointers above in mind for your manufacturing business, you increase your chances of getting things done right. Don’t be in a hurry to see success, but allow a reasonable amount of time and remember that there are many variables that could dictate the way things go.

Tips for Streamlining Your Machining Business

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As the owner of a machining business, you may be wondering about how you can streamline it and improve your finances. While there’s undoubtedly a lot of competition on the market, it’s possible to level up and get a chance at succeeding. The tips below should make this easier for you to do this.

Research Thoroughly

In this industry, just like in any other, it’s important to research best practices and more. Keep an eye on your competition in order to learn from them when you can. This may save you from making some costly mistakes while scaling up. Don’t forget to listen to your target market so that you know what they want and are able to give it to them. When you do this, it will be easier for you to know the right steps to take and at what time you should take them.

For example, you may research new methods and tools to use in your business to streamline processes. One technique for heat treating is normalizing. It entails holding a part under heat as high as 1700°F and then air cooling it to make it more consistent and increase its ferritic grains. You may be interested in this normalizing treatment in your own business.

Develop Strategic Partnerships

Partnerships can either make your business or break your business, so you need to develop them in a strategic way. Find partners who share your beliefs and are as passionate and informed as you, if not more. Doing this can help you weather tough business periods and come out stronger on the other side, ready to improve and with your finances secure. People with positive mindsets will also be good to have on your side, as will creative ones who can help you identify successful solutions to issues you may face on a regular basis.

Get Your Financing in Order

Whether you’re starting out or have been running your machining business for a while, it’s important to ensure that you have your financing in order. This can make it easy for you to stay afloat even if things don’t go according to plan. Many business owners will tell you that this can make a big difference to the rate at which a business grows, among other things. For example, you could enlist the help of factoring companies, which can help small businesses bridge gaps in their invoice payment with upfront payments that could cover a whopping 90% of the original invoice. Work with a good accountant as well so that you know you aren’t losing money that you should be saving.

Get the Necessary Help

Remember to outsource the tasks you’re unable to do well to others who can. Knowing what to focus on and what to get help with is a trait of a competent business owner who has a good chance to succeed. When you don’t spread yourself too thin trying to keep your hands on every single aspect of your business, it will be easier to get good overall results without burning out.

Stay Flexible

Finally, flexibility is going to enable you to cater to your market a lot better, so it’s important to be ready to pivot when necessary. A lot of unexpected things can happen while running a business, and in this case, it is the most agile businesses that survive. With the increasing demand for high efficiency in complex machining products that is forecasted to drive the market for machine tooling, you should be ready to jump at a good opportunity when you see it. Make sure that your team and your systems are both capable of working extra hard when that push is required to better your business.

Make use of these suggestions to streamline your machining business and get the most out of it. When you look back on it years down the line, you should be proud of the decisions you made that led you to where you end up.

How to Transfer Assets to Children Before Death

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If you are a parent, you already know it’s important to plan for your children in case something happens to you. One way to do this is by transferring assets to them before you die and in your estate planning. This can be done in a number of ways, and each has its benefits. In this blog post, we will discuss the different options available to you and how each can help protect your children’s future.

Remember: Generational Wealth building isn’t just for parents: grandparents, aunties, and uncles can change the shape of the entire next generation.

Work with A Family Law Attorney and a Tax Planner

family law attorney

There are many different ways to transfer assets to your children, and almost all of them require a lawyer and have tax implications. It is important to consult with an attorney as well as a tax planner, both to choose the transfer structure that is right for you and also to ensure that the documents are compliant with Federal and State property and tax law.

Draw Up a Will

One way to transfer assets to your children before death is through a will. A will is a legal document that outlines how you would like your assets to be distributed after you die. A will doesn’t actually transfer ownership of your assets until after you die, but it can be used to specify exactly who should receive what.

If you have a will, it is important to keep it up-to-date as your life and circumstances change. You should also review it regularly with a family law attorney to make sure it still meets your needs.

One important note: a will is great for establishing your wishes for the distribution of your assets are followed, but it will not keep your estate out of probate. Probate is the legal process of distributing a person’s assets after they die, via the courts in your state. It can be time-consuming and expensive, if you have substantial or complex assets, so many people choose a trust.

Create and Move Assets Into A Trust

will and trust documents

A trust is an arrangement in which one person (the trustee) holds and manages property for another person (the beneficiary). It’s a critical part of estate planning. Transferring assets into a trust can help avoid probate because the trustee can distribute the assets according to your wishes without having to go through the court system.

Moving assets into a trust that can be managed by a trustee will give your children access to the assets when they reach a certain age while ensuring that the assets are managed responsibly.

One common type of trust is a living trust, which is created during your lifetime. You can name yourself the trustee, which gives you control over the assets during your lifetime. Then, when you die, the trust remains in force and the beneficiary can receive the assets without having to go through probate. You can even trigger the execution of your trust before you pass away.

This is a good option if you want to maintain control over the assets during your lifetime, but also want to avoid probate.

Name Beneficiaries on Financial Accounts and Insurance Policies

name beneficiaries

Most financial accounts and life insurance policies allow you to name a beneficiary. This means that the account or policy will be transferred to the named beneficiary upon your death, without having to go through probate. Having updated beneficiaries is the cheapest and easiest way to transfer assets such as retirement accounts, bank accounts, and life insurance policies.

It is important to review your beneficiaries regularly and update them as needed, especially after major life events such as marriage, divorce, birth, or death. This can be especially important for single parents and blended families.

Transfer Assets During Your Lifetime

Another way to transfer assets to your children before death is through a gift or by selling the asset to them for less than its fair market value.

The upside of this option is that you are still around to help them manage the asset. The downside is that lifetime transfers have serious tax implications that vary depending on the value of the asset and your state’s laws.

Gift Assets to Your Children

You can give $16,000 per year, per child (or any other recipient) without needing to file any tax forms or pay any tax. If you are married, you and your spouse can each give $16,000, for a total of $30,000 per child. More importantly, the current (2022) Federal gift tax lifetime limit is $12.06 million per person, and you can also double it if married. While it would require you to file a form, gifts of any size can be given to your children without owing any gift tax, as long as the total amount gifted during your lifetime does not exceed the $12.06 million limit.

Sell Assets to Your Children for Less Than Their Fair Market Value

sell assets to children

You can also sell assets to your children for less than their fair market value. This is The most advanced move, absolutely requires a competent lawyer and tax planner, and is generally most appropriate for family businesses. Generally, this involves a contract in which you sell the asset to your children for an agreed-upon price that is less than the fair market value.

There are a few different ways to transfer assets to your children before death. The most common ways are through a trust, naming beneficiaries on financial accounts and insurance policies, or transferring the assets during your lifetime.

Each method has its benefits and drawbacks, so it is important to discuss your options with a family law attorney and tax professional to choose the option that best suits your family.

Lease vs. Own: A Company’s Guide To Having Its Own Building

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A company building is an essential element for any business. It’s where you’ll run your major operations and where your clients will come to see you. When it comes to an office building, you can decide to lease or own it. With leasing, you’ll take ownership of the building for an agreed period, beyond which it ceases to be yours. On the other hand, owning means that you construct your building or buy it as a whole, transferring its total ownership from the previous owner to you. In this article, owning will refer to constructing rather than buying a building. 

How will you know the best choice for your business between these two options? This article will guide you by discussing each option under various aspects. Read on for the insight! [Read more…]

5 Reasons Your Business Needs Expense Management Software

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Typically, expenses play a crucial role in running a business. They’re considered an outflow of money used to sustain your day-to-day company operations. However, managing business expenses can be complicated and confusing if done traditionally. Keeping track of every cost can be challenging with all the manual processes involved and paper receipts and invoices. Hence, using expense management software should come into play.   [Read more…]

Pros and Cons of Self-Employment

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self-employment

The number of businesses that have started since the start of the pandemic has shot through the roof. People realized how short life can be and decided to take their earning potential and work-life into their own hands. Here are a few stats to illustrate the self-employment picture in the U.S.:

  • As of 2019, the self-employed section of the population accounted for nearly 30% of total employment (Source).
  • As of November of 2021, there are 9.9 million self-employed people in the United States.
  • 96% of self-employed people don’t want regular jobs (Source)

Business structures

Sole proprietorship – There is no separate business entity. You are the business entity. That means your assets and liabilities are your assets and liabilities. Banks are more hesitant to lend to sole proprietors than they are for other entity types.

Partnership (LP/LLP) – An limited partnership (LP) has one general partner with unlimited liability and all the other partners have limited liability. Creditors can come after all of the general partner’s assets including things they personally own. Limited liability partners can only lose what they put in. A limited liability partnership provides limited liability to all partners. Profits are paid through on personal tax returns, except for the general partner – they must pay self-employment taxes.

LLC – Very similar to the LLP in terms of how profits, losses, and liabilities are treated. Profits are passed through to employees on personal returns. However, members of the LLC are required to file and pay self-employment taxes. 

Retirement plan options

As a self-employed individual, you have a few options when it comes to retirement accounts – Traditional IRA and Roth IRA (available to everyone), SIMPLE IRA, Solo 410(k), and SEP IRA.

Traditional IRA and Roth IRA – Contribution limits up to $6,000 ($7,000 if you’re 50 and older). Withdrawals prior to 59 ½ are subject to a 10% tax penalty unless certain conditions are met.

SIMPLE IRA – available to employers with fewer than 100 employees. Contribution limits up to $14,000 ($17,000 if 50 or older). Employer match available.

Solo 401(k) – Contribution limit is $61,000 ($67,500 if 50 or older). Available to self-employed individuals and self-employed individuals that have their spouse as their only employee.

SEP IRA – Contribution limit is 25% of employee compensation up to $61,000.

Click here for more information about business retirement plans.

Be your own boss

You get to set your own hours and work with whoever you want to. There’s no one to tell you what to do and how to do it. For people that like to make their own schedule and like to go to the beat of their own drum, self-employment makes a lot of sense.

Earning potential

There’s no ceiling on your earning potential. You don’t have a salary range, you make what you make. You can make $10,000 or you can make $10 million. That’s a double-edged sword though, your effort determines your income. You will only make money if you work for it. Someone who isn’t a self-starter, should not be self-employed.

Costs

You have to pay for everything. Whatever the cost of business is for your sector or industry, that’s on you. Health insurance, you have to pay for that. There’s no business or employer that can foot those costs for you. Same with your retirement plan, a lot of employers offer an employee match. If you’re the business owner and the employee, ALL of your contributions are your responsibility.

Related reading:

6 Ways to Save Money When You’re Self-Employed

How to Be Self-Employed Safely and Wisely

Disclaimer:

**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com